HOUSTON – (Realty News Report)– Interra Capital Group acquired One Park 10 Plaza, an eight-story office tower in Houston’s Energy Corridor.
JLL Capital Markets represented the seller, Accesso Partners, LLC.
Interra Capital Group, founded by Jack Polatsek, is a boutique private equity and financial advisory firm headquartered in Houston, with investment properties throughout the United States.
Located at 16225 Park Ten Place, the 162,919-SF property is within Houston’s Park Ten office park, a 550-acre, master-planned, mixed-use development comprising a major portion of the Energy Corridor.
One Park 10 Plaza is highly visible from Interstate Highway 10 and is just west of Highway 6 providing connectivity throughout the Greater Houston area. The surrounding area is home to numerous headquarters locations for many multi-national companies as well as the affluent neighborhoods of The Villages and Westchase.
One Park 10 Plaza has been continuously updated with more than $1.1 million in capital improvements over the last decade and is currently 76.2% leased to a diverse tenant roster. The property sits on a 3.27-acre site and includes a four-story, 560-space parking garage.
The JLL Capital Markets team representing the seller was led by Managing Directors Marty Hogan and Kevin McConn.
Park 10 is a master planned business center developed along Interstate by Wolff Companies, a Houston development firm led by David Wolff. Mr. Wolff, known for developing and marketing land, is credited with coining the name “Energy Corridor.”
With a reputation that stretches to the Middle East and other global markets, the Energy Corridor is – or has been – home to the offices of hundreds of energy-related companies, including Exxon, Shell and BP.
Over a decade ago, the Energy Corridor had office occupancy over 95 percent. Developers responded with many new office projects. But a decline in energy prices – often pegged to a timeline that became a nightmare at an OPEC meeting that was held of Thanksgiving Day 2014, set the market on a downward path. Houston’s energy companies went into retreat, shedding employees and office space as the oil prices fell.
In another positive milestone, a vacant Energy Corridor office building, which was completed in 2015 and has never been occupied, has been sold to a Los Angeles commercial real estate firm. The buyer, BH Properties, will make some improvements to the 128,000-SF Mason Creek II, and open it to tenants for the first time after seven years of sitting vacant.
May 18. 2022 – Realty News Report Copyright 2022
Photo Courtesy JLL
File – Energy Corridor Building Sold